The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1887-12-07
President Cleveland Sounds the KsYnots Of
The Coming ContssI.
the War Taxes On Imports Nus! bs Re-
, tuesd BY the Present Congress-.
ftsIs is New no Other Way to Avert Serious
Financial Dllaslers.
The Free List shonld bs EnIRrged-Reduce
the Tariff on wooI-Wh.n the Working
People will be Benefited.

WAsRINGToE, December 6.-Alter the
|, readiIg of the journal in the Senate to-
day the Presiding officer asked whether
II was the pleasure Of the Senate to proceed
with the usual morning business.
Senator Harris suggested that bills aud
memorials might be introduced and re-
feIred.
Senator Hosr opposed the proposition, stat
ing that il was an ancient custom OF the Sem
ate not 10 eLler upon any ordinary bust
ness until after hearing The communlca-
ton from the President at the begining OF
\ the stssion. That was mark of respect
due from the Legislative Department of
the Governmen 70 Executive. He there
fore moved q recess for half an hour. The
motion was agreed to.
"A After the recess had been extended Tor
"a quarter of an hour longer, Senator Nor
rill reporttd that the Joint Committee
sppoin ted 10 wal upon the President had
performed the duty and had been inform
ed that the President would Immediately
com mmunicste with Congress in Whiting.
TheIeupon Mr. o. L.. Pruden, one of the
Presidents Secretaries, presented several
messages in writing; and the presiding
officer laid before the Senate the Presi-
dents annual message. Mr.. McCook,
Secretary of the Senate, at five minutes
past ], commenced the reading OF the
message, which IS as follows:
To the Congress OF the United States:
You are confronted at the threshold OF your
Legislative dutles with condition OF the ma
fionsl finances which imperalively demands
Immediate and careful consideration, The
amount OF mOrey annually exacted, through
the operation of present laws, from the indus
trIes and necessities of the people. largely ex.
ceeds the sum necessary to meet the expenses
q the Government When we consider that the
theory OF our In nstitutionS guarantees to every
citizen the full en- u all the fruits "f his
lnuusuy abu 80 eAset PIisei " VIZ Oni9t SUN 0e
duetiOn as may be his share towards the careful
and economical maintenance Of the Govern
mentwhicn protects him, IL is plain that the
exaction OF more than this Is indetelsible ex-
tOrtion and oulpable betrayal OF American
fairness and justice. This wrong inflicted upon
tbote who bear the burden OF national taxation,
\ ike other wrongs, multipiies brood OF evil
! consequences. The public treasury, which
/ Should only exist as a conduit conveying the
Peoples Tribute 10 its legitimate objects of ex-
| penditure becomes boarding place for money
needletsly Withdrawn from trade and the peO-
pies use thus Gripping our national energies,
suspeDdiDg our country DEVELOPMENT prevent
ing Investment in productive enterprises
Threatening financial disturbance and inviting
xcbemes CT public plunder.
This condition of our Treasury is not alto
getheI new: and IL has more than once OF late
been submitted to the peoples Representatives,
| And yet the situation still continues, with ag-
gravated incidents, more than ever
presaging financial .convulsion and wide
neglect this situation because its dan
gers are not now palpably imminent and APP
parent. They exist none the less certainly. and
await the unforeseen and unexpected occasion
as.
- On the S0th day of June 1885, the excess Of rev
enuts over public expenditures, after complying
u with the annual requirement oi the sinking
fund act, was Sl7 ,S09,7 81; during the year
ended June So lSS such excess amounted TO
Sf9,4cs,535 20; ann during the year ended June
60 1887, it reached the sum OF $3.50, $40 81 The
ANIMAL eOltrl buttons The sinking fund dur.
ing the three years above specified, amounting
in the aggregate 70 SISS. .05s 420 81 and deducted
from The surplus as stated were made b, call
.Bg in for that purpose outstanding three per
tent bonds of t. Government During the six
months prior u June %, 1857. the surplus reve-
nue. had grown so large by repested accumu-
.atiODs, ard II wss feared the withdrawal Oi
this great sum OF money needed by the people
| would so effect the business OF the country,
nat the sum OF S79, 9,S6i. 100 OF such surplus was
applied to the payment of the principal and in
teTest OF the three per cent bonds still outstand
ing, and which were then payable at the option
OF the Government. The Dreeari0us condition
Of financial affairs among the people still need
ing relief, Immediately after the 30th day oi
June, 1857. the remainder OF the three per cent
! DOnds then outstaI ding, amounting with prin
eipal and interest to the sum ofslS,877500, were
called in and applied to the sinking fund ecu
tribution for the current fiscal year NOtwith-
star ding these operations OF the Treasury De-
partment, representations of distress in business
absolute peril Eeemed al hand, In these cir
cumsanees the contribution to the sinking
completed by the expenditure of s27. .63i 2S3, ,55
in the purchase OF Government bonds not yet
cue, bearing four and four and a hall per cent
interest, the premium paid thereon averaging
about twenty four per cent for the former and
eight per cent for the latter. In addition &c
this the interest sccrutng during the current
I year upon the outstanding bonded indebted
ness of the Government was TO some extent an
ticipated. AID banks selected as repositories oil
public money were permitted to somewhat in
crease their deposits.
while the expedients thus employed to re
lease 10 the people the money lying idle in the
Treasury serves TO avert immediate danger,
our surplus revenue has continued TO accumu
lste. the excess for the present amounting on
The LIST day of December 20 SIS 2sS 70Li9 snd
sstimsteo to reach the sum of 81 coo 600 the
sqth OF June next at which date { Is expected
that iais sum, added to prior aeeumulations
,Go.oOO.
DISTRESS PROBABLE.
There seems TO be no assuranee that with
guch a withdrawal from use OF the peoples cir
culatiDg medium, our business community may
not, in tbe near future, be subjected 10 the
,ame oisiTess which was quite lately produced
rom the same cause. And while the functions
Of our nation Al Treasury sboald be few and
sin pie, and while its best condition would be
resenea. oeIieye, oy iis entire disconDeetion
| peIVtIsiOn OF IT'S purposes, it idly holds money
uselessly kU0trseted from the channels OF trade
there seems TO be reason for the claim thai
some legitimate means should be devised by
the Government 70 restore in an emesency,
without waste or extravsgance, such money q
| ~ ptact hiuO4-K the people.
Usuch an emergency arises, there now exists
no clesT and uRdoubted executive power OF re
lIsf. Heretofore the redemption Of three pei
cent bonds, whtoh were payable at the option
: of tnesSsOvernment, has Afforded q means for
the disbursementlof OF the excess OF our revenues
but these bonds have all been retired, and
there are no bonds outstanding the payment on
Fhlcn We have the right to Insist upon. The
contribution TO the sinking-f1nd, which fur
1iEbes the occasion for the expenditure In the
purchase of bonds. has been already made for
he current gear, so that there Is no outlet ia
tbat direction.
pfeten6e OF a2y existing executive power te
restore, At Ibis time, any part Of cur surplus
eveuues to the people by its expenditure, con.
ksts ln the supposition that the Secretary Of
Treasury may enter the market and pur-
kte the bonds Of the Government not yet due,
rate Of premium TO be agreed upon. The
oDiy provision Of law from which such a
power could be derived is found IN an appro-
priatior Dill passed number Of years ago; aud
E Is sDJiect 70 the sDsnioi0n that Il was Intend.